NEW DELHI – India will overtake Japan to become the world’s third largest oil consumer behind the U.S. and China by 2025, U.S. Energy Information Administration (EIA) said.
EIA in its Annual Energy Outlook said India’s oil consumption will rise from 3.68 million barrels per day (173.5 million tonnes) in 2012 to 5.19 million bpd in 2025, overtaking Japan’s 4.38 million bpd consumption.
Japan consumed 4.75 million bpd of oil in 2012.
India currently is the fourth largest oil consumer in the world behind the US, China and Japan.
The US will continue to be the world’s biggest oil consumer but with almost no demand growth. The US consumed 18.21 million bpd of oil in 2012 which is projected to rise to 19.23 million bpd in 2020 before falling to 18.97 million bpd in 2025 and to 18.42 million bpd in 2040.
China’s oil consumption is projected to rise from 10.36 million barrels per day in 2012 to 15.70 million bpd in 2025 and 20.48 million bpd in 2040, posting a compounded annual growth rate of 2.5 per cent.
India’s oil consumption growth rate from 2012 to 2040 will be highest in the world with a 3 percent compounded annual growth rate. Its oil consumption, according to EIA, will reach 6.11 million bpd in 2030 and 8.33 million bpd in 2040.
As much as 80 percent of India’s oil needs is met through imports.
China’s GDP is roughly 4.5 times more than that of India and the U.S. GDP is almost nine times that of India.
India had in 2013 overtaken Japan as the world’s third- biggest crude oil importer. It imported 3.86 million bpd of crude oil, nearly 6 per cent higher than Japan’s customs- cleared imports of 3,648,372 bpd.
The International Energy Agency (IEA) estimates that India will become the world’s largest oil importer by 2020.
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